MannKind volatility increases into Q4 and outlook MannKind February weekly call option implied volatility is at 103, March is at 63, April is at 60. May is at 55; compared to its 26-week average of 70 according to Track Data, suggests large near term price movement into the expected release into the expected release of Q4 result on February 24.

On The Fly: Closing WrapStocks on Wall Street opened in negative territory with time running out for Greece to reach an extension of its bailout agreement. The morning was filled with headlines from both Greek and eurozone finance leaders, many of which indicated that prospects for a deal looked grim. When reports surfaced that an agreement on an extension had been reached the Dow took off and hit its first new high of 2015. The S&P 500 followed to its own new high and the Nasdaq continued to close in on the 5,000 level. ECONOMIC EVENTS: In the U.S., Markit's flash PMI rose to 54.3 in February, versus the consensus forecast for a preliminary reading of 53.6 for the month. In Europe, the Eurogroup and Greece reached a tentative deal for an extension of the current EFSF Master Financial Assistance Facility Agreement for up to four months. The deal is predicated on Greek authorities presenting a first list of reform measures, based on the current arrangement, by the end of Monday. Also, the Eurozone flash composite PMI came in at 53.5, versus expectations for a reading of 53. The services PMI was better than expected, while the manufacturing PMI was lower than expected. COMPANY NEWS: Deere reported Q1 earnings per share of $1.12 and revenue of $6.38B, which beat consensus forecasts of 84c and $5.59B, respectively. However, Deere said company equipment sales are projected to decrease about 17% for fiscal 2015 and now sees net income to be about $1.8B, which is down from the company's prior net income outlook of $1.9B. Analysts at Wells Fargo calculate that the implied EPS guidance from Deere dropped to $5.25 from $5.50. Consensus for FY15 EPS prior to Deere's report was $5.51. Shares of the farm, construction and forestry equipment maker rose 72c, or 0.79%, to $92.43 following this morning's report. MAJOR MOVERS: Among the notable gainers was National Bank of Greece (NBG), whose shares trading in New York jumped 35c, or 21.74%, to $1.96 after the Greek aid extension deal was negotiated. Also higher was Springleaf (LEAF), which gained $4.40, or 12.88%, to $38.57 after Reuters reported that the company has beaten out rival bidders and is in advanced talks to buy consumer finance unit OneMain Financial from Citigroup (C) for more than $4B. Two stock that dropped after their earnings reports prompted multiple analyst downgrades were Noodles & Company (NDLS), which plunged $8.84, or 31.87%, to $18.90, and Rocket Fuel (FUEL), which fell $3.95, or 26.74%, to $10.82. INDEXES: The Dow rose 154.67, or 0.86%, to 18,140.44, the Nasdaq gained 31.27, or 0.63%, to 4,955.97, and the S&P 500 advanced 12.85, or 0.61%, to 2,110.30.